Principle of Rational Choice (Case Study Sample)

Principle of Rational Choice Student's Name Institution Affiliations Instructor Course Date Principle of Rational Choice Empirical Cases Content. Case 1: Choosing to remain in school although I have found passion in something outside of what I am studying and am currently starting my career outside of what I am studying, I have chosen to stay in school since I am really close to graduating and I would rather finish my degree than drop out of school and not have a degree as I would feel like I have wasted so much time and I see it as a gain to have a degree than no degree at all, even if I don't pursue a job that directly correlates with my degree. Case 2: Deciding that I want to move to Washington, D.C., after graduating from college. I love the idea of staying in New Jersey as I was born and raised, and this is where all of my friends and family are. However, I am passionate about my current career in restaurant work, and I really want to advance into a higher calibre of restaurant work; working in some of the best restaurants in the area is what I would like. There are many Michelin restaurants in New York, but the commute from N.J. would be too much, and I wouldn't like living in N.Y., but I love the idea of living in D.C. This move would help me advance my career, which is overall worth it to me. Case 3: A friend of mine has recently decided to dye their hair after much contemplation of the price of dying their hair as well as fear of trying something new; they felt as if the benefit of self-expression and social recognition outweighed the negatives and has been very happy with their newly dyed hair. Case 4: A classmate has recently decided not to study abroad. This is something that they have pursued for a good amount of time, and it has interested them to explore different study-abroad options. However, despite wanting to travel, being distant from their friends was too much of an emotional cost to them, and they decided not to study abroad. Case 5: My friend has recently decided to quit smoking to realize the health benefits of not smoking anymore. They used to smoke often to help relieve their stress, but after much consideration and finding new ways to cope, such as exercise, they have decided to quit altogether. Table 1: Summary of key content of empirical cases Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Variable/Cases Operationalization criteria Case#1 Case#2 Case#3 Case#4 Case#5 Dependent variable: Decision making progress Deciding to continue learning Deciding to move to Washington, DC Dyeing hair Not studying abroad Quitting smoking Independent variable#1: Anticipated benefits of the current path Close to graduation Career progress Self-expression Travelling interest Health benefits Independent variable#2: Perceived costs of alternative paths Wasted time if dropped out The emotional cost of leaving family Price and fear of trying something new Distant from friends Negative health effects Independent variable#3: Personal values and goals Value of possessing a degree Passion for career Desire for self-expression Interest in travel Personal health goals Independent variable#4: Information and available options Career options with a degree Restaurant opportunities in Washington, DC Social recognition Study abroad programs Stress relief alternatives Table 2: Ranking of cases based on the variables. Ranking Dependent Var. Indep Var#1 Indep Var#2 Indep. Var.#3 Indep. Var.#4 Case#5 1 (highest) 4 5 3 2 Case#4 2 (second highest) 5 4 2 3 Case#3 3 (third highest) 2 3 4 4 Case#2 4 (second lowest) 3 2 5 4 Case#1 5 (lowest) 1 1 1 1 Table 3: Ranking of empirical cases compared against the ranking prescribed by the principle Ranking Dependent Var. Indep. Var#1 (-ve) Indep. Var#2 (+ve) Indep. Var.#3 (-ve) Indep. Var.#4 (+ve) Case#5 1 (i) 4 (v) 5 (i) 3 (v) 2 (i) Case#4 2 (ii) 5 (iv) 4 (ii) 2 (iv) 3 (ii) Case#3 3 (iii) 2 (iii) 3 (iii) 4 (iii) 5 (iii) Case#2 4 (iv) 3 (ii) 2 (iv) 5 (ii) 4 (iv) Case#1 5 (v) 1 (i) 1 (v) 1 (i) 1(v) Discussion Essay Introduction The main purpose of this paper is to test the Principle of Rationale Choice utilizing five empirical personal cases. The Principle of Rationale Choice means that when other things are equal, the likelihood of following a particular course of action increases as a function of the value of the desired outcome and the probability of success in achieving that outcome and decreases as a function of the projected cost of the activity, fear of ultimately being held responsible for the externalized cost, and availability of alternatives having attractive cost-benefit ratios. In simple words, it means that people make rational choices based on their preferences and the options available (Eriksson, 2011). The paper has used five cases that are used to show varied degrees of the dependent variable and each of the independent variables. In the first case presented, it involves deciding to remain in school despite having another passion that is far from education. The second case comprises making a decision to move to Washington after graduation. The fourth involves dying the hair, the fifth involves deciding not to study abroad, and the last case involves a friend who decided to quit smoking. Through these cases, the Principle of Rationale Choice will be tested in detail, and it will be learned if it is supported by the data. Dependent Variable The paper employs the dependent variable of individuals' rational decision-making, which is determined by their desires and the possibilities at hand. The ranking of the examples along the dependent variable is determined by the operationalization of the principle. The sequence of the cases based on the dependent variable is as follows: Case#5, Case#4, Case#3, Case#2, and Case#1. The rating is determined by the extent to which individuals make rational decisions in each instance. In Case#5, the individual ceased smoking in order to reap the health advantages of abstaining from smoking. The individual once engaged in frequent smoking as a means to alleviate their stress, but after careful contemplation and the discovery of alternative coping mechanisms such as exercise, they made the decision to completely abstain from smoking. This choice is a result of a logical decision made considering the personal preferences and the existing alternatives. Independent Variable #1 The initial independent variable employed in this study is the level of outside relations. The ranking of the cases along this characteristic is determined by the quantity of external social connections each person possesses. The cases are ranked in the following order based on this variable: Case#1, Case#2, Case#3, Case#4, and Case#5. The correlation between this independent variable and the dependent variable is negative. A negative correlation exists between the degree of outside interaction and the extent to which people make logical choices. The position of the observed cases based on this variable corresponds to the pattern given by the principle. ...